The Census & Statistics Department announced yesterday that total retail sales in October, which is currently at an estimated at $30.7 billion HKD, rose 12% compared with the same month last year. Online sales accounted for 8% of this total, valued at $2.5 billion HKD. This was backed of the value of online retail sales increasing by an astonishing 29% year-on-year.
However, after taking into consideration the impact of price changes over the same period, we find that the estimate for the volume of total retail sales throughout October increased by only 9.4% when compared with October of last year. Nonetheless, the rebound shows that with loosening health restrictions, Hong Kong’s economy is recovering back to pre-covid levels at a steady pace.
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